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A Dynamic Study on Ecological Disaster, Government Regulation, and Renewable Resources

Pu-yan Nie, Peng Sun and Bill Z. Yang

American Journal of Economics and Sociology, 2014, vol. 73, issue 2, 410-442

Abstract: This article develops a dynamic model to investigate renewable resource markets under different property rights. We find that different property rights regimes in renewable resource markets yield very different equilibria. Under private property rights, the valve point increases with the natural growth rate, productivity, number of firms, and marginal costs. Under common property rights, “the tragedy of the commons” inescapably occurs. This study suggests how to avoid ecological disaster by implementing a set of public policies.

Date: 2014
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Handle: RePEc:bla:ajecsc:v:73:y:2014:i:2:p:410-442